Commodity Champions: Experts explain the impact of tariff wars

Despite favorable fundamentals, metals were pulled down thanks to the tariff war by US. It all started with US imposing tariffs on steel and aluminum. The Trump administration imposed 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports.

This unsettled the major exporters like China, Japan, and South Korea. While their industry called for a retaliation, it was detrimental for the metals prices as steel prices went down by 7 percent on a weekly basis while aluminum was down 2 percent this week.

China, the country that produces half of world's steel said that they will assess the damage caused by the move and will firmly defend their legitimate rights and interests.